Large wallet investors’ stablecoin holdings have typically been considered an indicator for determining whether there is demand or buying power in the
at the time of writing. BTC price is above three long-term Exponential Moving Averages at $26,615, $27,037 and $25,883, respectively. A recovery in stablecoin demand from whales could catalyze BTC price recovery, driving it toward its August 29 intraday high of $28,000.Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money.
To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar , with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
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